Scammers impersonating the Financial Conduct Authority (FCA) have targeted thousands of people across the country.
The FCA received 4,465 reports of fraudsters trying to steal money by impersonating them during the first six months of the year.
Scammers trick people into believing they’re from the financial body to try and steal money or information like bank details and passwords.
According to the FCA, around 480 victims were scammed into handing over money.
Around two-thirds of victims were people 56 years old and above, showing criminals may be targeting those they see as more vulnerable.
They may also prey on vulnerable loan scam victims, saying that they’re able to help them get back the money they’ve lost.
However, victims end up being convinced to hand over even more money.
There have also been reports of emails sent to consumers, claiming that creditors have taken out a County Court Judgement against them and that they must hand over money owed to the FCA.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Fraudsters are ruthless, they attempt to steal money from innocent victims by impersonating the FCA.
“We will never ask you to transfer money to us or for sensitive banking information such as account PINs and passwords. If in doubt, always check.”
The FCA has also warned that criminals may be profiting off previous ‘pig-butchering’ scams, where criminals create a long-term connection – often with a romantic edge – to gain trust with victims allowing them to successfully steal money over a long period of time.
Once the victim realises they’ve lost the money, the same scammers will contact them pretending to be the FCA claiming that they can recoup the lost funds.
